LeasePlan, one of the world’s largest car leasing companies, has cancelled plans to launch on the Amsterdam stock exchange because the current turbulence means shareholders could not realise the price they had hoped.

The company said in a short statement that the company had decided not to press ahead with the flotation ‘at this time’ due to ‘market conditions’.

LeasePlan, based in the prime Amsterdam Zuidas business district, said last summer that it was looking at an IPO to enable shareholders to cash in their interests.

The company, which has a fleet of 1.7 million cars, was acquired in the beginning of 2016 for €3.7bn by a consortium made up of Dutch healthcare pension fund PGGM, Danish pension fund ATP, the state sovereign funds of Abu Dhabi (Adia) and Singapore (GIC), private equity house TDR Capital and merchant bank Goldman Sachs.

The company booked net profit 17% higher at €531.6m on turnover of €9.4bn in 2017.